The Collection Process Following Payday Loans
The collection process starts with a phone call or a written notice to the borrower of their outstanding loan with the payday lending company. You will most likely receive a series of phone calls from the collection agency. If the loan remains unpaid after a certain period of time, a lawsuit may be filed against the erring borrower by the lending company. Garnishment may then be effected to allow the lending company to recover the amount that you owe them. To avoid these complications, it is extremely important that you are able to settle your obligations with your lending company on time and reduce any additional debt you may have.
